George T. Morgan designed the Morgan Silver
Dollar, which was issued every year from 1878 to 1904 and
then again in 1921. Hundreds of millions of Morgan Silver
Dollars were saved in bags of 1,000 each in bank vaults because
the federal government created artificial demand for them
to satisfy the Western silver interests. Some were melted
in the 1918, but large quantities remained in bank vaults
and were later bought by investors and collectors. Because
many millions of Morgan Silver Dollars exist today in the
hands of the public, the Morgan Silver Dollar has become the
most widely collected coin of its era.
In the late 1870’s a group of silver
mine owners convinced Senator William Allison (Republican
from Iowa) and Representative Richard Bland (Democrat from
Missouri) to support a proposal for a new silver dollar. After
much negotiation and intense lobbying by the silver industry,
Bland and Allison introduced a bill to resume silver coinage,
which had been stopped earlier. Despite the veto of President
Rutherford B. Hayes, the Bland-Allison Act became law in February,
1878. It required that the Treasury buy a minimum of two million
dollars a month of domestic silver to be coined into dollars.
It also gave the silver dollar legal tender status. These
became the dollars designed by George T. Morgan. The act attempted
to keep silver at artificially high levels. Large quantities
of Morgan Dollars were minted, but they did not circulate
well and were kept in Treasury storage vaults, which accounts
for their availability today in mint state grades. In 1904
production was halted because the supply of bullion was depleted.
In 1918 the Pittman Act provided for the return of the Morgan
dollar. It made its final appearance in 1921.
When he applied to the Mint for the position
of Assistant Engraver, Morgan wrote explaining his previous
experiences: “I am familiar with the engraving of coin
dies, having for several years, assisted Messrs. J.S. &
A.B. Wyon. I think I may say that I have a good knowledge
of Design & Modeling. I served an apprenticeship to the
Die Sinking at Birmingham. From Birmingham School of Art I
successfully competed for a Scholarship at South Kensington…
during my Studentship I obtained Medals & Prizes for Models
of Heads from Life, Figures from Life & Antique Heads
from Photographs and Flowers from nature. I believe it is
not usual for an Engraver to have a practical knowledge of
Bronzing. Fortunately I have knowledge of this art and could
in a short time so instruct an apt scholar that he would be
able to successfully bronze a medal.” Morgan’s
design for the dollar shows a close head of Liberty in profile
facing left. She wears a headband inscribed LIBERTY. In her
hair are cotton, corn, wheat, and tobacco. She wears a modified
Phrygian cap and is surrounded with the motto E PLURIBUS UNUM,
thirteen stars (seven left and six right), and the date. The
reverse shows an eagle with wings raised looking left. In
its talons are arrows and olive branch, symbols of preparedness
and peace. A wreath is below and the motto IN GOD WE TRUST
is above. Except for the eagle’s wing tips, UNITED STATES
OF AMERICA and ONE DOLLAR circumscribe the design. The mintmark,
if present, is below the wreath and above the denomination.
The only complaint with George T. Morgan’s
design for the new dollar was that Liberty was too heavy.
For his model, Morgan used Anna Williams, a school teacher
from Philadelphia. Charles Barber also submitted a design.
His design showed Liberty as also being too heavy, but she
was also dumpy looking and had a fat neck. Morgan’s
reverse showed an eagle that looked unnatural. Barber’s
seemed more real. In any case, it was Morgan’s designs
that were selected for the dollar. It is an irony that the
first Morgan dollar was presented to Rutherford B. Hayes,
the president who had vetoed the authorizing act.
When first discovered, gold and silver found in Nevada had
to be shipped over the Sierra Nevada Mountains to the branch
mint in San Francisco. This trip was dangerous and expensive.
The Nevada mine owners asked Congress to establish a branch
of the mint in their state, and legislation was enacted in
1863. Carson City was chosen as the location for the mint
facility because it was near some of the major mining sites.
The majority of Morgan Dollar coins can be
found in mint state because they were saved in vaults that
contained $1,000 bags. However, there are a number of rarities
in the series. The rarest is the 1895 Proof only issue. Only
880 were struck and since it is a Proof only issue, all date
collectors must acquire one to have a complete set. Others
include the 1893-S, mintage 100,000; the 1889-CC, mintage
350,000; the 1893-CC, mintage 677,000; and the 1894, mintage
110,000. While these coins are rare because of low mintages,
there are many that are condition rarities and are scarce
or rare in higher mint state grades. Included in this list
and valued at over $100,000 in MS65 are the 1884-S, mintage
3,200,000; 1886-O, mintage 10,710,000; 1892-S, mintage 1,200,000;
1893-O, mintage, 300,000; 1895-O, mintage 450,000; 1896-O,
mintage 4,900,000; and 1901, mintage 6,962,000. In addition
over forty Morgan Dollar varieties, known as VAM’s for
Leroy Van Allen and A. George Mallis, authors of the authoritative
text on die varieties, are listed in the “Red Book.”
Proof-like and Deep Mirror Proof-like Morgan Dollars are also
valued by collectors. A Proof-like piece has a satiny luster
with contrast and a Deep Proof-like or Deep Mirror Proof-like
has a mirror-like surface. The Mint occasionally deliberately
made proof-like coins as presentation pieces from brilliantly
polished dies. However, sometimes proof-like coins were made
merely as a result of being among the first struck by new
dies. Rarities valued at over $100,000 in MS65 DMPL condition
are the 1883-S, 1889-CC, 1892-S, 1893-CC, 1893-O, 1893-S,
and 1895-O.
As the “King of the Morgan Dollars,” the 1895
Proof Morgan silver dollar is the key coin in the series.
With an original mintage of 880, it is, of course, rare in
all conditions. It is estimated that only about 700 or so
exist today. Since the Morgan dollar series is collected by
hundreds of thousands of people, this is the coin that every
collector must have to complete a full set. Although the 1895
Proof Morgan is no rarer than other proof silver dollars in
the series, it is always under the most intense demand from
date collectors. Since the 1895 is so difficult to obtain,
some collectors limit their collections to business strikes
only so they can complete their sets.
Interestingly enough, the Mint actually reported
a coinage of 12,000 business strikes for this date. However,
none have been found to date. Researchers theorize that the
12,000 coins were merely a ledger entry at the end of the
1894-95 fiscal year that ended in June 1895. Maybe in June
of 1895, business strikes of the previous year were delivered.
Another theory is that the 12,000 existed and were melted
under the terms of the Pittman Act of 1918.
Because the 1895 is so rare, authentication
is mandatory. Many so called 1895 dollars are alterations
of the 1895-O or the 1895-S that have had the mintmark removed.
Also 1885 Philadelphia’s have been altered by changing
the second 8 to a 9. (All USRCI coins are authenticated by
one of the major grading services.)
The 1893-S Morgan Silver Dollar is the business
strike key to the series of its low mintage. Also, as a result
of the Pittman Act of 1918, it was heavily melted. In addition
there was a lack of numismatic care because in the early days,
collectors tended to disregard mintmarks and collected coins
by date.
Major varieties include the 8 Tail Feathers reverse, 7 Tail Feathers reverse, 7/8 Tail Feathers reverse and Reverse of 1879. Among Proofs, the 1878 7 Tail Feathers, Reverse of 1879 is the rarest.
